Lapses and Terminations
Lapse Industry Report
- Ongoing independent lapse study for Sales Period 1/10/08 to 30/9/10, but with Lapses from 1/10/08 through to 31/12/12.
- The most important factor in the latest Report is the removal of Direct Risk Insurance data, leaving the balance of the data to represent Dealer/adviser-driven business (independent Dealers, those owned or part owned by Life Companies and Bank-owned Dealers).
- The data is based as far as possible on true Sales, excluding CPI and Age Increases. It intentionally does not represent all of the sales of the participating companies, as we asked that the data come from similar lines or new business series, again to achieve as much homogeneity and contemporaneity as possible. The principle behind the study has been to examine business which is both recent and represents the present status-quo as far as possible, rather than older business, which would have provided full exposure, but would have lacked the element of currency, that we were seeking.
- Lapses results for Direct Risk market is covered in the Direct Insurance Report.
Life Insurance / Risk Termination Rates
- Risk Product Termination Rates split by Life Office and Product Type.
- Risk Products include lump sum and income protection.
- In-force Premium $m, New Annual Premiums $m, Terminations & Other Movements $m, Total Number of Lives at Risk, Number of New Lives at Risk, Number of Terminations & Other Movements
- Format: Excel
- Published: Quarterly (10 weeks after quarter end)
- History: Year End
Analysis of Risk Market Discontinuances
- This report provides an analysis of Discontinuances, being the sum of Lapses, Surrenders and Forfeitures, in the Risk market over the past 4 years. Both Annual Discontinuances in $millions and Rates expressed as a percentage of average In-force Annual Premiums over each year are covered.
- Coverage: Individual Risk Lump Sum, Individual Risk Income, Group Risk
- Published: Quarterly